After the plummeting prices for two whole days, the 18th January was the day when it finally began to look as if the major cryptocurrencies were about to recover.

Confirmed as the biggest digital currency loss ever, the first and second biggest virtual currencies, ethereum and bitcoin – appear to be stabilising. On 17th January, bitcoin fell lower than $10,000 but sprung back up to $11,218.84 the following morning. While after trading at under $800, ethereum bounded to $1,004.43. Another digital currency that looks like it’s on the rise is ripple, which surged over 30%. Also known as XRP, it previously declined to just 90 cents the day before.

Experts believe that the crash in prices was because traders and investors became worried after news that suggested South Korea and China were cracking down on regulations. One of the largest markets for digital currencies, South Korea, was rumoured to be putting a stop to cryptocurrency exchanges. In addition to this, China was also reported to be clamping down on the digital currency market and is considering banning all centralised trading of such currencies.

Officials have warned that cryptocurrencies are unstable and unpredictable and believe that they could be used to fund criminal activity.